Canada Pension Plan Investment Board Sells 33,465 Shares of The Descartes Systems Group Inc. $DSGX

Key Points

• The Canada Pension Plan Investment Board reduced its stake in The Descartes Systems Group Inc. by 24.2%, owning approximately 0.12% of the company after selling 33,465 shares.
• Recent analyst ratings for the company have seen a downgrade from "hold" to "sell" by Wall Street Zen, while the consensus rating remains a "Moderate Buy" with a target price of $122.18.
• The Descartes Systems Group reported earnings of $0.41 per share for the last quarter, missing analyst estimates and showing an 11.5% increase in revenue year-over-year.

Canada Pension Plan Investment Board decreased its holdings in The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 24.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,986 shares of the technology company's stock after selling 33,465 shares during the quarter. Canada Pension Plan Investment Board owned 0.12% of The Descartes Systems Group worth $10,571,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Mackenzie Financial Corp increased its holdings in The Descartes Systems Group by 130.4% in the 4th quarter. Mackenzie Financial Corp now owns 4,947,789 shares of the technology company's stock valued at $561,827,000 after buying an additional 2,800,492 shares during the period. Price T Rowe Associates Inc. MD raised its position in The Descartes Systems Group by 15.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,134,467 shares of the technology company's stock valued at $719,370,000 after purchasing an additional 936,718 shares in the last quarter. Praesidium Investment Management Company LLC bought a new stake in The Descartes Systems Group during the fourth quarter worth $54,724,000. Nuveen LLC bought a new stake in The Descartes Systems Group during the first quarter worth $21,074,000. Finally, Fiera Capital Corp boosted its holdings in shares of The Descartes Systems Group by 8.0% in the 1st quarter. Fiera Capital Corp now owns 2,745,848 shares of the technology company's stock valued at $276,705,000 after purchasing an additional 202,973 shares in the last quarter. 77.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Morgan Stanley began coverage on The Descartes Systems Group in a research report on Monday, July 14th. They set an "equal weight" rating and a $110.00 price objective for the company. Royal Bank Of Canada reduced their price target on The Descartes Systems Group from $130.00 to $126.00 and set an "outperform" rating on the stock in a research report on Thursday, June 5th. Barclays lowered their price objective on shares of The Descartes Systems Group from $118.00 to $108.00 and set an "equal weight" rating for the company in a research note on Thursday, June 5th. Zacks Research upgraded The Descartes Systems Group from a "strong sell" rating to a "hold" rating in a report on Tuesday. Finally, Wall Street Zen lowered shares of The Descartes Systems Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $122.18.

The Descartes Systems Group Price Performance

Shares of The Descartes Systems Group stock traded up $6.71 on Thursday, reaching $106.22. 1,120,030 shares of the company traded hands, compared to its average volume of 498,209. The firm has a market capitalization of $9.13 billion, a PE ratio of 62.85 and a beta of 0.80. The company has a 50 day moving average of $102.33 and a 200 day moving average of $104.24. The Descartes Systems Group Inc. has a 52 week low of $92.00 and a 52 week high of $124.31.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last announced its quarterly earnings data on Wednesday, September 3rd. The technology company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06). The firm had revenue of $178.98 million during the quarter, compared to analysts' expectations of $176.51 million. The Descartes Systems Group had a return on equity of 10.60% and a net margin of 21.64%.The company's revenue was up 10.0% compared to the same quarter last year. During the same period last year, the business posted $0.40 EPS. As a group, analysts anticipate that The Descartes Systems Group Inc. will post 1.64 earnings per share for the current year.

About The Descartes Systems Group

The Descartes Systems Group Inc provides cloud-based logistics and supply chain management solutions worldwide. Its Logistics Technology platform offers a range of modular, interoperable web and wireless logistics management solutions. The company provides a suite of solutions that include routing, mobile, and telematics; transportation management; ecommerce, shipping, and fulfillment; customs and regulatory compliance; global trade intelligence; broker and forwarder enterprise systems; and B2B messaging and connectivity services.